I have a house I bought in 2000 for $83,000. It's value has gone up to $150,000 and is now $100,000.

Asked by V. Sandoval, Tucson, AZ Mon Jan 19, 2009

I took out a 2nd and a line of credit and owe $139. I am struggling to make payments on my house & credit cards. Should I file bankruptcy. Behind 2 payments on my house

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Randy Hooker, Agent, Chandler, AZ
Mon Jan 19, 2009
Hi V.!

You should immediately contact three people:

1. a local, experienced Realtor,
2. your lender(s), and
3. a bankruptcy attorney

One option you might consider is a Short Sale, which you can discuss with your lender and Realtor. There are other options, but you should REALLY discuss them with the above folks.

All the best!

1 vote
Robin Willis, Agent, Tucson, AZ
Mon Jan 19, 2009
Not knowing your complete financial picture and not being a bankruptcy attorney, it would be hard for me to advise as to whether you should file bankruptcy. However, regarding your mortgages, have you talked to your mortgage companies about the possibility of modifying your loans or possibly deferring a couple of payments to help you catch up on things? If your financial setbacks are temporary, a deferrment can be very helpful. If your setback is permanent (or at least for the foreseeable future), you may want to consider selling your home as a short sale and then renting something until things get better. Based on current lending guidelines, a short sale on your credit is much more preferable than a foreclosure. Please see the link below for a full discussion of the consequences of selling as a short sale and the process that you would go through before and during the sale. Good luck to you and may things improve for you soon!!
0 votes
Dallas Texas, Agent, Dallas, TN
Mon Jan 19, 2009
Contact your lender determine what is your best interest and attorney. Lenders dont want your home back open to assist you.
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